The report finds usage of digital technologies like IoT, Big Data Analytics, Artificial Intelligence, Advanced Robotics, 3D printing and Cloud Computing will transform the manufacturing landscape. It suggests that sectors such as industrial manufacturing, aerospace and defense, and automotive and transportation have the highest share of manufacturers who have an ongoing smart factory initiative.

Key findings also include,

Smart factories could add $500 billion to $1.5 trillion in value added to the global economy in five years

Manufacturers predict overall efficiency to grow annually over the next five years at 7 times the rate of growth since 1990

Though 76% of manufacturers either have a smart factory initiative that is ongoing or are working on formulating it, only 14% of companies are satisfied with their level of smart factory success.

Only 6% of manufacturers are ‘Digital Masters’: at an advanced stage in digitizing production processes and with a strong foundation of vision, governance and employee skills.

Read the report for more insights and understand how manufacturers can realize their smart factory vision.